ANIL NAIDU Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) Heard at length on the question of admission.

(2.) The present Public Interest Litigation has been filed by the petitioner under Article 226 of the Constitution of India, whereby the petitioner is challenging the validity and correctness of the RBI Circular dated 12.2.2018, on "Resolution of Stressed Assets - Revised Framework" and prayed for the following relief :-

(3.) The RBI Circular which repeals various earlier RBI Circulars on various re-structuring schemes which include Corporate Debt Restructuring Scheme (CDR), Flexible structuring of existing long-term project loans, Strategic Debt Restructuring (SDR) Scheme, Change in ownership outside SDR, and Scheme for Sustainable structuring of Stressed Assets (S4A). The Joint Lenders Forum (GLF) which was overseeing stressed asset negotiations in the case of large consortium loans also stands disbanded.